Central Development Holdings Limited — Earnings Release 2000

Aug 23, 2000

Listed Company Information

SEAPOWER RES I<0269> - Results Announcement Seapower Resources International Limited announced on 22/8/2000: (stock code: 269) Year end date: 31/3/2000 Currency: HK$ (Audited) (Audited) Last Current Corresponding Period Period from 1/4/1999 from 1/4/1998 to 31/3/2000 to 31/3/1999 ('000) ('000) Turnover - Continuing : 222,532 262,135 - Discontinued : 77,727 291,620 Operating Profit/(Loss) - Continuing : (201,782) (900,749) - Discontinued : 45,807 (78,487) Total Operating Profit/(Loss) : (155,975) (979,236) Share of Profit/(Loss) of Associated Companies : (3,328) 2,716 Share of Profit/(Loss) of Jointly Controlled Entities : (1,366) (1,115) Profit/(Loss) after Tax & MI : (161,474) (977,889) % Change over Last Period : N/A EPS/(LPS)-Basic : (11.82 cents) (75.74 cents) -Diluted : N/A N/A Extraordinary (ETD) Gain/(Loss) : N/A N/A Profit/(Loss) after ETD Items : (161,474) (977,889) Final Dividend per Share : Nil Nil (Specify if with other options) : N/A N/A B/C Dates for Final Dividend : N/A Payable Date : N/A B/C Dates for Annual General Meeting : 26/9/2000 to 28/9/2000 bdi. Other Distribution for Current Period : N/A B/C Dates for Other Distribution : N/A Remarks: (1) Operating loss included the following major revenue/(expenses) items: 2000 1999 HK$000 HK$000 Continuing Operations Net realized gain on other investments 62,694 - Unrealized gain on other investment 5,411 - Surplus arising on revaluation of investment properties 17,357 - Surplus arising on revaluation of other land and building 2,642 - Write down of investment in convertible notes to net realized value and provision for accrued interest (4,487) (98,738) Provision for bad and doubtful debts (4,883) (11,009) Provision for loan receivable and impairment in value of agricultural project - (164,757) Deficit arising on revaluation of properties held for development - (142,467) Deficit arising on revaluation of other land and buildings - (62,315) Deficit arising on revaluation of investment properties - (45,188) Deposit paid on investment project written off - (33,000) Amortization of goodwill (note 3) (14,992) (14,992) Write off of goodwill (note 3) (30,134) (8,370) Provision for jointly controlled entities (7,500) - Provision for associates (69,904) - Provision for bad and doubtful debts (11,689) - Discontinued Operations Write back of bad and doubtful debt 4,855 - Write back of provision for management bonus - 10,315 Provision for loan to share margin customers - (161,155) Provision for bad and doubtful debts (1,696) (123,315) Provision for permanent impairment in value of Property, plant and equipment - (9,000) (2) Loss per share The calculation of the basic loss per share is based on the following data: 2000 1999 HK$000 HK$000 Loss Loss for the year and loss for the purpose of basic loss per share (161,474) (977,889) ========= ========= Number of shares Weighted average number of shares for the purpose of basic loss per share 1,366,583,813 1,291,042,829 Effect of dilutive potential ordinary share: Share options N/A N/A ----------------------------- Weighted average number of shares for the purpose of diluted loss per share 1,366,583,813 1,291,042,829 ============================== For the year ended 31st March 2000, no diluted loss per share is shown as the dilution effects of all potential ordinary shares would be anti-dilutive. For the year ended 31st March 1999, no diluted loss per share is shown as there was no dilution effects of all potential ordinary shares. Reconcilitation of loss per share: 1999 HK cents As previously reported (75.51) Adjustment arising from change in accounting policy (note 3) (0.23) ------- Adjusted (75.74) ======= (3) Change in accounting policy In prior year, goodwill on acquisition was written off to reserves on acquisition. In the current year, goodwill on acquisition was capitalised as intangible asset and amortised on a straight-line basis over its estimated useful economic life. In the opinion of Directors, the change in accounting policy can better reflect the financial position of the Group. Reconciliation of loss after taxation and minority interest : 1999 HK$000 As previously reported (974,894) Amortisation of goodwill (14,992) Write off of goodwill (8,370) Gain on disposal of subsidiaries since goodwill should have been fully amortised in prior years 20,367 --------- Adjusted (977,889) ========= (4) Turnover The Group ceased to engage in securities and futures brokerage, share margin financing and food distribution business during the financial year 1999/2000. As a result, the related turnover for both 1999 and 2000 were classified as discontinued operations. For more details, please refer to the press announcement today.